Apple (AAPL) Is No Longer Magical Without Steve Jobs

Jim Cramer thinks Apple (AAPL) is “no longer magical without Steve Jobs.” After missing Wall Street’s revenue forecast for the third straight quarter, CNBC’s “Mad Money” host said Apple’s sales and earnings performance during the holiday quarter, traditionally Cupertino’s strongest, are an indication the company has lost its momentum.

“Don’t make a statement buy by getting into [the stock],” Cramer said on CNBC, adding “Apple’s new products lack the sizzle that had enticed customers for so long.”

For the fiscal first quarter, Apple posted net income of $13.07 billion, or $13.81 per share, flat with a year ago. This is the first time in years that the iPhone-maker didn’t post a double-digit earnings increase. While Apple surpassed expectations on revenues of $54.5 billion, the company missed estimates for Mac sales by almost a million units in the quarter. That’s a 22% drop from shipments a year ago. It also reported 47.8 million iPhone sales, about a million less than the Street had been expecting.

Apple shares fell more than 10% to $458 in extended trading Wednesday, after the earnings report, resulting in the company’s effective market cap falling to $436 billion.